In 1992, the richest 400 Americans had a total taxable income of $16.9 billion and paid federal taxes of 29 percent on that sum. In 2008, the aggregate income of the richest 400 soared to $90.9 billion but the rate paid fell to 22 percent.

Warren Buffett. August 2011. “Stop Coddling the Super-Rich.” New York Times.

Economists and experts agree that tax cuts for the wealthy does not stimulate the economy or create jobs.

Economic Policy Institute. August 2010. “Let the Tax Cuts for the Rich Expire.”

Since 1955, the tax rate that the richest 400 families in America actually pay has dropped from 51% to less than 17%.

Wealth for the Common Good. April 2010. “Shifting Responsibility: How 50 Years of Tax Cuts Benefited the Most Wealthy.”

If the top 400 of 2007 paid as much of their incomes in personal income tax as the top 400 of 1955, the federal treasury would have collected $47.7 billion more in revenue from just these 400 taxpayers.

Wealth for the Common Good. April 2010. “Shifting Responsibility: How 50 Years of Tax Cuts Benefited the Most Wealthy.”

Over the last half-century, America’s wealthiest taxpayers have seen their taxes drop enormously. Meanwhile, the share of their household income that middle class Americans pay in federal taxes has increased slightly.

Wealth for the Common Good. April 2010. “Shifting Responsibility: How 50 Years of Tax Cuts Benefited the Most Wealthy.”